The value of the Russian-backed cryptocurrency has exceeded 9 billion dollars.

In recent years, Russia, which has increased cryptocurrency regulations in the country and opened up the sector, seems to have found the solution to escape Western sanctions in this world. According to a report by the British media Financial Times; a new cryptocurrency linked to Russia, a stablecoin, has also surpassed a market capitalization of 9 billion dollars.

Questions about the name behind it and the company...

The stablecoin named A7A5 was introduced for the first time in Kyrgyzstan in February. Behind the token is a company called A7, which has been subjected to sanctions from the UK. The largest shareholder of the company is Ilan Șor, who was sentenced due to a major corruption case in Moldova... Șor is a name who escaped from Moldova and settled in Russia, acquiring citizenship of that country.

There are only 3 assets on the exchange

In addition to A7A5, there is also a cryptocurrency exchange established in Kyrgyzstan. The exchange named Grinex appears to be a continuation of the Russia-based Garantex, which had its assets frozen due to Western sanctions. However, Grinex was established in Kyrgyzstan, not Russia. The reason for this is that Kyrgyzstan is not facing Western sanctions and is also a country with ties to Russia...

According to Tom Robinson, the manager of the crypto analysis and regulation company Elliptic, users who had a balance on the platform before Garantex closed may have transferred their funds to new accounts on Grinex. This also creates a strong indication that Grinex is a direct continuation of Garantex and is managed by the same individuals.

Doubts are increasing further

Only Russian rubles, A7A5, and USDT transactions are conducted on Grinex. According to a report by the Financial Times, it was noted that there is not a large user base on Grinex and a limited number of users are making large transactions. This further raises suspicions... The ability for users to access both a dollar-indexed stable coin through A7A5 and USDT, which is recognized worldwide, also connects them to the global market.

The reserve of the ruble supporting A7A5, which has reached a market capitalization of 9.3 billion dollars, is held at Promsvyazbank. This Russia-based bank is also known as one of the institutions affected by Western sanctions. A large portion of the token's usage volume occurs during Moscow's working hours.

One of the places that the company CIR, which conducts research on human rights, has focused on is Russia. According to the research company, A7A5 is not just a stable coin. This coin is also one of the channels used by Russia to increase its global influence...

Published: June 25, 2025 16:00Last Updated: June 25, 2025 16:08